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TCP signs 1m metric ton rice-export contract with Indonesia

TCP signs 1m metric ton rice-export contract with Indonesia

 

ISLAMABAD: The Trading Corporation of Pakistan (TCP) has secured a one million metric ton of rice export agreement worth $400 million to Indonesia.

According to a statement issued by the Commerce Ministry, the TCP signed the agreement with Indonesian government organisation BULOG (State Logistic Agency). The TCP has finalised the first tender of 15,000 metric tons of rice export to Indonesia, which includes 5,000 metric tons of basmati rice and 10,000 metric tons of non-basmati rice.

Commerce Minister Khurram Dastgir Khan said that the export order of one million metric ton would end the uncertainty prevailing in the domestic rice market and lucrative prices would prove to be an impetus for growers to expand rice production in the coming years.

The trade between Pakistan and Indonesia increased by 215 percent to 2.2 billion in 2014 from 700 million in 2010 after the conclusion of Preferential Trade Agreement.